居民资产配置行为研究综述--基于现象、原因、效应的视角

A Literature Review of Households'Asset Allocation Behaviors:From the Perspective of Phenomenon,Causes and Effects

居民部门在经济运行中居于重要地位,居民家庭财务行为应该受到重视。从居民风险资产配置行为的现象、原因和效应三个方面,回顾居民资产配置研究的成果,发现与经典理论研究结论不同,居民家庭实际资产配置行为表现出有限参与、有形偏好、非分散化、过度交易、处置效应、惰性和疏忽等现象。最新的研究进展主要体现在资产配置家庭微观决策的形成机制及其与宏观经济政策的关系等方面,未来研究应该更加重视财富不平等的影响。

Since the household sector plays a more and more important role in the macroeconomy,the financial behaviors of households should be paid much attention.This paper reviews the research in recent decades and summarizes the characteristics of households'asset allocation behaviors from three aspects:phenomenon,reason and regular pattern.It finds that households show some characteristics which deviate from the classical theories,such as the limited participation,tangible preferences,non-diversifications,overtrading,the inertia and the negligence.The latest research progresses are mainly reflected in the relationship between households’micro decision-making behaviors and macroeconomic policies,which are important for economic growths and the adjustment of economic structures.It suggests that future research should pay more attention to the wealth inequality and income inequality,in order to make more contributions to better promote common prosperities.This paper also has some practical significance.In addition to academic research,we suggest that policy research and financial practice could absorb more useful ideas from household financial researches,so as to be better applied to international and domestic policy design.